Moody's downgrades Contura Energy's CFR to B3; outlook negative
Rating Action: Moody's downgrades Contura Energy's CFR to B3; outlook negative. Global Credit Research- 27 Feb 2020. New York, February 27, 2020-- Moody's Investors Service, downgraded Contura Energy, Inc.' s Corporate Family Rating to B3 from B2, senior secured term loan to Caa1 from B3, and Speculative Grade Liquidity Rating to SGL-3 from SGL-2.Contura Energy is a coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. The company's portfolio of mining operations consists of underground mines, surface mines and coal preparation plants. In the Central Appalachia (CAAP) coal basin, the company mainly produces low-ash metallurgical coal, which are shipped to domestic and international coke and steel producers. In the CAPP coal basin, the company also produces low sulfur, high British thermal unit (BTU) thermal coal for electricity generation, as well as specialty coal for industrial customers. In the Northern Appalachia coal basin, the company produces primarily high-BTU thermal coal.
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